Brookfield Wealth Solutions Ltd. (BNT)

Brookfield Wealth Solutions reported distributable operating earnings of $488 million for the second quarter of 2026, up from $398 million a year earlier 3.

Distributable operating earnings is the company's own measure of operating performance, which leaves out some market-driven gains and losses 3.

Net income was $149 million for the quarter, against $516 million a year earlier, as unrealized losses on inflation derivatives and public investment positions offset the operating gain 3.

The purchase of Just Group, a United Kingdom retirement insurer, closed on 1 April 2026 and added $1.3 billion of revenue in the quarter 26.

Shareholders approved a plan on 16 July 2026 to fold the company into Brookfield Corporation Ltd., which the company expects to close by year-end, subject to regulatory approvals 4.

Whether regulators clear that merger is the open question for the rest of the year 4.

The company was incorporated in Bermuda on 10 December 2020 1. It was named Brookfield Reinsurance Ltd. until 4 September 2024, when it took its present name to reflect its business better 1.

It grew by acquiring insurers, with its operating subsidiaries joined by American National in May 2022 and American Equity Investment Life in May 2024 2. Each kept largely independent operations after the purchase 2.

In 2023 it agreed to acquire Clearbrook, formerly Argo Group, in an all-cash deal of about $1.1 billion, which closed on 16 November 2023 1. Clearbrook underwrites specialty property and casualty insurance in the United States 1.

American Equity, bought in 2024, is a provider of fixed rate and fixed index annuities with over 40,000 independent agents and advisors 1.

Revenue rose from $6.9 billion in 2023 to $14.1 billion in 2024 1. The company said the gain came from AEL and Clearbrook plus growth in pension risk transfer, where an insurer takes over a company's pension promises 1.

Revenue then fell to $11.6 billion in 2025 1. The company said fewer very large pension deals were written and its property and casualty segment withdrew from non-core businesses 1.

Net income in 2025 was $863 million, down from $1.2 billion, mainly because of unfavorable fair value movements in fixed index annuity reserves 1. The prior year also held a $314 million one-time Bermuda tax recovery 1.

On 25 June 2025 it received 65,000,000 shares of Brookfield Asset Management from Brookfield Corporation in return for new class C shares and a note 1. On 9 October 2025 it completed a three-for-two split of its class A shares 1.

What the company does

The company offers retirement services, wealth protection products and tailored capital solutions through its insurance subsidiaries 1. Since the second quarter it reports three segments: Annuities, Property and Casualty, and Corporate and Other 2.

Annuities

Annuities include fixed index annuities, which credit interest tied to a market index without risk of loss of account value, fixed rate annuities, pension risk transfer and funding agreements 1. The segment reported revenues of $7.3 billion in 2025, $9.6 billion in 2024 and $3.0 billion in 2023 1.

Gross annuity sales reached $19.8 billion in 2025, against $15.8 billion the year before 1. In the second quarter the company originated $5 billion of annuity sales across retail, pension and funding agreement channels 3.

Property and casualty

Clearbrook writes property, casualty and specialty coverages 1. The segment reported revenues of $2.9 billion in 2025, down from $3.4 billion in 2024 1.

Life insurance

Life insurance through American National subsidiaries covers whole life, universal life and variable universal life, and reported revenues of $563 million in 2025 1.

Just Group and the United Kingdom

Just Group provides retirement services in the United Kingdom pension risk transfer and individual annuity markets, with over 700,000 customers and £30 billion of pension savings under management 6. Sir Nigel Wilson, once chief executive of Legal & General, chairs Just independently 6.

At the end of June total assets were $205.7 billion, compared with $157.2 billion at the end of last year 3.

People, rivals and capital

Sachin Shah is chief executive 3. The company names large international carriers, smaller regional carriers, banks, other insurers and alternative asset managers as competitors 1.

Group capital across its insurance subsidiaries and holding companies was $19.8 billion at the end of 2025, up from $5.7 billion in 2022, the company reported 7.

The umbrella, in words

The company owns all of BWS Holdings Ltd., which holds its operating subsidiaries 1. They are American National Group Inc., Clearbrook Group Holdings Inc., Blumont Annuity Company in Canada, Blumont Annuity Company UK Ltd, North End Re Ltd. and North End Re (Cayman) SPC 1. Just Group became a wholly owned subsidiary on 1 April 2026 2.

American National Group Inc. holds the American Equity and American National insurance companies, including Eagle Life 1. The insurer brands in the P&C business include Argo and Farm Family 7.

Brookfield Corporation owns all of the class C shares, which carry the residual value after the exchangeable shares and class B shares 1. Each class A share is exchangeable one-for-one with a Brookfield Corporation class A share 3.

Brookfield Corporation and the company together own approximately 73 percent of Brookfield Asset Management 1.

The BNT Trust owns all 36,000 class B shares and may elect half the board and approve other matters requiring shareholder approval 14.

Bruce Flatt personally owns 23,581,468 class A shares, directly and indirectly, and Partners Value Investments Inc. 12,320,343, as of 23 March 2026 1. The bye-laws limit any holder to 9.9 percent of the class A votes 1.

The company directly owns no real property, because its material assets are interests in its operating subsidiaries 1.

On completion of the simplification, Brookfield Wealth Solutions would be delisted and Brookfield Corporation Ltd. would become the new parent, a step the company expects by year-end, subject to regulatory approvals 4.

Each class A share would be exchanged one-for-one for a new share under a court-approved plan of arrangement the companies expect to be tax deferred for U.S. and Canadian shareholders 5.

Brookfield Corporation Ltd. is expected to pay a quarterly distribution equal to those now paid by the two companies 5.

The company expects to finish the accounting for the Just purchase by the first quarter of 2027, and its goodwill of $615 million may be adjusted until then 2.

Chief executive Sachin Shah said on 13 August 2026 that the company has a meaningful pipeline of attractive opportunities to deploy its capital 3.

The company's April release cites projections of £40-50 billion of pension liabilities moving to United Kingdom insurers each year 6.